Vadodara based electric vehicle maker WardWizard Innovations & Mobility plans to invest Rs 150 crore in the business in the next six months. It has plans to ramp up technology and infrastructure, among others, to meet the increased demand. The company sells its e-scooters and bikes under the ‘Joy e-bike’ brand, which include five high-speed vehicles and five in the low-speed category. WardWizard will also foray into more segments than products, including an e-rickshaw in the passenger segment and an e-four-wheeler. The EV manufacturer’s vehicle sales increased by a record 435% to 2001 units in August over 374 units in the same period year-ago.
Yatin Gupte, Chairman and Managing Director, WardWizard Innovations & Mobility said – “For the last four years, we have been investing around Rs 250-275 crore every year. Seeing the demand in the next 1-2 years, we are likely to invest around Rs 150 crore in the coming six months, which we will be utilising in ramping up our technology, infrastructure and higher localization.”
He said that 50 percent of funds would be raised from the market and the remaining half will be infused by the promoters.
He added – “The industry is showing very positive signs and I expect the industry to grow multifold every year. We were selling around 1,000 units in January, which shot up to 4,000-5,000 units a month. This month we are producing around 3,500 vehicles while for October we have already lined up deliveries of 8,000 vehicles. In November, we would be delivering around 9,000 vehicles. So this is the traction that we are getting. Rather than products, we are entering into a new segment, the three wheeler passenger segment for which the R&D work is completed and we expect to get the ARAI approval by November. So, by January we would be into mass production of electric rickshaws. Three years from now, we are planning to come out with a four-wheeler. We are in primary discussions with some technology companies but it will take time as at present charging infrastructure is more important than products. By 2024, we are looking at 25 per cent market share in e-scooter and another 15 per cent in e-rickshaw. ”
Mr. Gupte also said that the company is looking to reduce the delivery period to 22 days in November after successfully bringing it down to 32-35 days last month from around 40 days earlier.
The company will have 100 per cent localization in its vehicles by December this year.